Public Adjuster

The maximum payable for damage or loss to signs attached to the building covered under a BOP issued to the tenant of the building is:

$1000

Maci has $500 cash destroyed by fire in her covered home. She files a claim under her standard homeowners policy. How much will the policy pay on this claim?

$200

Chuck's home is covered under a DP-1 policy, when his dwelling suffers significant damage due to a tornado. His coverage A limit is $100,000 and this satisfies his coinsurance requirement. His policy does not have a deductible form attached. His dwelling is severely damaged and he submits a claim for $96,520 for the dwelling. How much coverage does Chuck have remaining on his policy to cover an appurtenant structure on his property that was also severely damaged.

$3480

The additional coverage for the debris removal will now pay to clean up the debris of others on the insured premises even if the insured has no damage to their own property. The maximum payable to remove this debris of others is:

$5000

When the Pennsylvania insurance department has evidence that the insurance code violations have occurred, the department is required to notify the licensee of the alleged violations and fix a time and place for a hearing. What advance period of time is required?

10 days

How many days does the liberalization clause provide for under the IOS standard BOP policy form prior to, or during the policy period?

45 days

Policies issued under the national flood insurance program provide removal coverage for property which is moved to another location to protect it from a flood. The coverage applies for up to:

45 days

Which of the following would require bailee coverage?

A TV repair shop

In order to lawfully write insurance business in a state, an insurance company must hold:

A certificate of authority.

All of the following are listed on the common declarations page of a commercial package policy (CCP), EXCEPT:

A list of perils insured against

With a "full release settlement" of an insurance claim:

All damages are paid immediately in one lump sum

Which of the following best describes "covered property" under the equipment breakdown coverage form?

Any property that the insured owns or is in the insured's care

Brian owns a home that is covered under a dwelling policy. He rents this home to Taylor. Joe, the neighbor who lives next-door to Brian's rental home, has been cooking methamphetamine for quite some time and selling it out of his house. One afternoon, Joe's "meth lab" exploded, spreading dangerous chemical to the houses around his. It also caused a fire that rendered the house unstable until it can be demolished. The civil authorities in the area have required that Taylor vacate her rental home, until the area next-door can be cleaned up. Which of the following statements is true regarding how Brian will be compensated under his dwelling policy for the loss of Taylor's rent during the time she must live elsewhere?

Brian will receive 20% of the coverage A limit, for a maximum of 2 weeks

All of the following items have a built in limit (maximum) of coverage if the cause of loss is theft, EXCEPT

Computers

In a contract, something of value exchanged between the parties is referred to as:

Consideration

under a motor truck cargo policy, which of the following would be covered?

Damage to the shipper's goods during the course of transit.

In Pennsylvania, Insurance is regulated at the state level. The insurance laws are known as:

Insurance codes

Aircraft liability coverage is very similar to auto insurance coverage with which of the following exceptions:

Liability to passengers is treated as a separate exposure

Which of the following would be considered "compensatory" or "special damages" paid to an injured party when the insured is negligent and causes the injury?

Lost wages

Under the commercial building and personal property coverage form, which of the following is correct regarding the appraisal clause?

No time limits are required.

The penalty for failure to satisfy a coinsurance requirement of a property insurance policy is:

Only a portion of a partial loss will be paid.

In ocean marine insurance, each of the following is true about the term "general average" EXCEPT:

Only the party having an interest in the lost property suffers a loss.

The insured is moving to a new primary residence. Coverage on the homeowners policy for the personal property being moved between the old and new location is:

Provided on a pro- rata basis

Which type of damages is not intended to indemnify the plaintiff?

Punitive damages

No insurer may issue checks or drafts or partial settlement of a loss or claim that is still being negotiated that:

Releases the insurer from additional liability

Under a flood insurance RCBAP (residential condominium building association policy) will settle claims on what basis?

Replacement cost

An insured has purchased a businessowners policy. He insures both the real and personal property. Assuming no endorsements apply, will property losses be adjusted on an actual cash value basis or on a replacement cost basis?

Replacement cost basis

When an insured is fulfilling the duty of providing a loss by taking an inventory of the damaged property, who pays the expenses incurred by the insured?

The insured

A public adjuster represents the interest of

The insured A public adjuster is an independent contractor representing solely the financial interests of the insured named in the policy.

In which of the following situations would trees, shrubs, and other plants be covered by the homeowners additional coverages?

The insured's fruit trees are destroyed when an ember from a nearby brushfire lands on them and burns them.

No act will be certified by the secretary of the treasury, in consultation with the secretary of Homeland security, as an act of terrorism under the terrorism risk re-authorization act of 2015 unless:

The losses that occur relate to commercial property and specified casualty risks.

Which of the commercial property causes of loss forms provides theft coverage?

The special form

Tom rents half of a duplex. During a severe storm, lightning strikes a tree in the front yard and it falls, causing damage on Tom's side of the duplex. Which of the following losses will be covered by Tom's HO-4 policy?

Tom's TV and entertainment system that were damaged when the tree fell through the roof

Tyler has covered his electronics store with a commercial property policy. Tyler has invested in a sophisticated video surveillance system, therefore, he chooses to add a protective safeguards endorsement to his policy to save money on his premiums. Which of the following is now TRUE?

Tyler is insurer may suspend or deny coverage, if he fails to notify the insurer of any known problems with the system.

In the newest addition of the commercial property form, which of the following is now considered part of the building?

Vegetated roofs

And insured has a property loss in Pennsylvania and after waiting 10 days has removed and disposed of the damaged property to begin repairs. The company denies the claim on the basis that the insured did not allow the insurer to inspect the damage. When can and insurer deny a claim on this basis?

When the insurer has proof that it requested the insured to display the damaged property prior to its removal.

Once an insurer has received a proof of loss from a first party claimant, when must the insurer advise the claimant of the acceptance or denial of the claim?

Within 15 working days